Barbados trade is in point of fact secure, however Barbados imports approximately four times more products that it exports. The main source of imports is the United States providing 40% of the total. The other main trading partners of Barbados are the regional economies such as Trinidad and Tobago, Jamaica, Brazil, the Grenades and the UK.
In connection of exports, Caribbean markets such as Venezuela and Jamaica, account for about 40% of Barbados' export trade. The UK represents and important market for Barbadian rum and sugar. Other island's main exports include manufactured goods, food and beverages, electrical components and chemicals.
Most economists share the opinion that by 2025, Barbados economy and trade will reach an all-time high.
Why doing business in Barbados?
Close proximity: The Eastern Caribbean states are natural business partners of the USA being closely tied by history, geography and culture.
Eastern Caribbean: The Eastern Caribbean is one of the US' largest trading partners. It represents a market of approximately 41 million people who annually import over $40 billion in United States' goods.
Cooperative Trade Relationship: The Caribbean Basin Initiative that was launched in 1983 established trade programs to facilitate the export diversification as well as the economic development of the Caribbean economies.
Language and Education: In the Eastern Caribbean region, you will meet English-speaking business partners with high educational standards.
Regional Integration: The Caribbean Community brings together 15 states in the Caribbean region. The community promotes economic integration, stability and cooperation among its members. The CARICOM Single Market and Economy treaty signed in 2006 establishes deeper regional integration through harmonized tariffs and duty free trade.
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Barbados Customs Contact Information
Barbados is an island country situated in the Lesser Antilles, east of the Windward Islands and the Caribbean Sea. It is a member of the Caribbean Community (CARICOM), CARICOM Single Market and Economy, the Association of Caribbean State, Organization of American States and Commonwealth of Nations. Barbados is also a member of the WTO.
The Barbados Customs and Excise Department recognising the importance of exports to Barbados' economy, has adopted procedures designed to facilitate the exporting of goods while at the same time ensuring compliance with national legislation. All freight imported into Barbados has to be cleared through Barbados customs; different regulations apply depending on the nature of the item. The most efficient way to bring goods into Barbados or forward freight is to appoint a Customs Broker, who will advise and deal with all the necessary documentation for you.
Customs Declaration Requirements
Clearing your goods through customs entails the submission to the Customs and Excise Department of a fully completed Customs Declaration (C63 Form) in quadruplicate with the necessary supporting documents attached, and the subsequent payment of the full duties and taxes where applicable. Import declarations are normally processed within three working days. Most entries are, however, processed within one working day.
Documents to be Submitted with your Customs Declaration (C63 Form):
The following goods require an export license in order to be exported: black coral, black belly sheep, sugar cane plants, cuttings, onions, sweet potatoes, pumpkins.
Export Licenses are obtained from the Chief Price Control Officer in the Ministry of Commerce, Consumer Affairs and Business Development.
Requirements for Import Licenses
For the importation of dairy products including meat, meat products, milk and milk products a veterinary Officer Stamp from the Veterinary Services must be affixed to the import licence verifying that the source is an approved one.
For the importation of fireworks and handcuffs a letter from the Prime Minister’s Office must be provided granting approval to import.
Department of Commerce and Consumer Affairs
Address: Block 1, Pelican Industrial Estate, St. Michael, Barbados
Telephone: (246) 437-3552 / 3558
Fax: (246) 228-3821